The Seventh Circuit on Thursday granted a HSBC Holdings PLC unit a new trial in a securities suit that saddled its mortgage unit with a record $2.5 billion verdict, finding that the jury hadn’t considered how some true statements made by the company brass had affected its stock price.
The Bank of New York Mellon Corp. said Thursday it will pay $180 million to resolve a putative class action brought by institutional investors accusing the company of running a deceptive foreign currency exchange program, according to a document filed with the U.S. Securities and Exchange Commission.
CVS Health Corp., led by Sullivan & Cromwell LLP, inked a deal worth $12.7 billion Thursday to snap up pharmacy services giant Omnicare Inc., marking the latest multibillion dollar deal amid a massive wave of consolidation in the health care and pharmaceutical business.
BP PLC, Halliburton Co. and Transocean Ltd. announced on Wednesday a series of settlements related to the 2010 Deepwater Horizon oil spill, with BP resolving claims against the oil services providers and Transocean agreeing to pay $212 million to individuals and businesses harmed in the disaster.
In wrangling guilty pleas and $5.6 billion from some of the world's largest banks, the U.S. Department of Justice on Wednesday showed it can push the prosecutorial needle without tilting the financial world into chaos. But by shielding institutions from some of the collateral effects of a criminal conviction, the government has done little to deter the next installment of traders behaving badly, experts say.
Benjamin Lawsky, New York’s superintendent of financial services, announced Wednesday that he will leave the Department of Financial Services in late June after four years at the helm of the newly created agency and 20 years in the public sector.
Lawmakers and legal experts on Wednesday clashed on Capitol Hill over the Obama administration’s implementation of the Affordable Care Act, debating whether various actions represent run-of-the-mill regulatory decisions or affront to separation of powers.